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v3.26.1

BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Operating Information by Segment | Operating information by segment is as follows (dollars in millions):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenues: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy income | $ | 10.2 |  |  | $ | 8.4 |  |  | $ | 18.9 |  |  | $ | 18.2 |
Net investment income | 163.9 |  |  | 155.3 |  |  | 324.9 |  |  | 303.3 |
Total annuity revenues | 174.1 |  |  | 163.7 |  |  | 343.8 |  |  | 321.5 |
Health: |  |  |  |  |  |  |
Insurance policy income | 436.4 |  |  | 412.5 |  |  | 868.4 |  |  | 824.5 |
Net investment income | 75.8 |  |  | 75.9 |  |  | 150.3 |  |  | 151.0 |
Total health revenues | 512.2 |  |  | 488.4 |  |  | 1,018.7 |  |  | 975.5 |
Life: |  |  |  |  |  |  |
Insurance policy income | 234.1 |  |  | 230.4 |  |  | 466.8 |  |  | 459.3 |
Net investment income | 38.4 |  |  | 37.8 |  |  | 76.4 |  |  | 75.4 |
Total life revenues | 272.5 |  |  | 268.2 |  |  | 543.2 |  |  | 534.7 |
Change in market values of the underlying options supporting fixed indexed products | 161.8 |  |  | 79.5 |  |  | 97.3 |  |  | 9.3 |
Investment income not allocated to product lines | 152.9 |  |  | 128.2 |  |  | 270.0 |  |  | 242.0 |
Fee revenue and other income: |  |  |  |  |  |  |
Fee revenue | 18.5 |  |  | 33.5 |  |  | 61.3 |  |  | 80.9 |
Amounts netted in expenses not allocated to product lines | 0.8 |  |  | 1.2 |  |  | 1.8 |  |  | 2.2 |
Total segment revenues | $ | 1,292.8 |  |  | $ | 1,162.7 |  |  | $ | 2,336.1 |  |  | $ | 2,166.1 |
(continued on next page)
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Expenses: |  |  |  |  |  |  |
Annuity: |  |  |  |  |  |  |
Insurance policy benefits | $ | 9.0 |  |  | $ | 10.0 |  |  | $ | 20.6 |  |  | $ | 20.3 |
Interest credited | 75.7 |  |  | 73.4 |  |  | 147.5 |  |  | 141.7 |
Amortization and non-deferred commissions | 28.8 |  |  | 25.5 |  |  | 56.6 |  |  | 50.2 |
Total annuity expenses | 113.5 |  |  | 108.9 |  |  | 224.7 |  |  | 212.2 |
Health: |  |  |  |  |  |  |
Insurance policy benefits | 322.3 |  |  | 313.3 |  |  | 653.5 |  |  | 633.6 |
Amortization and non-deferred commissions | 42.7 |  |  | 41.1 |  |  | 85.4 |  |  | 81.7 |
Total health expenses | 365.0 |  |  | 354.4 |  |  | 738.9 |  |  | 715.3 |
Life: |  |  |  |  |  |  |
Insurance policy benefits | 139.3 |  |  | 144.5 |  |  | 282.7 |  |  | 282.6 |
Interest credited | 14.2 |  |  | 13.8 |  |  | 27.9 |  |  | 26.8 |
Amortization and non-deferred commissions | 30.3 |  |  | 27.6 |  |  | 59.8 |  |  | 53.6 |
Advertising expense | 17.5 |  |  | 18.7 |  |  | 35.8 |  |  | 39.9 |
Total life expenses | 201.3 |  |  | 204.6 |  |  | 406.2 |  |  | 402.9 |
Allocated expenses | 152.9 |  |  | 149.4 |  |  | 312.8 |  |  | 310.6 |
Expenses not allocated to product lines | 24.1 |  |  | 26.5 |  |  | 44.5 |  |  | 47.8 |
Market value changes of options credited to fixed indexed annuity and life policyholders | 161.8 |  |  | 79.5 |  |  | 97.3 |  |  | 9.3 |
Amounts netted in investment income not allocated to product lines: |  |  |  |  |  |  |
Interest expense | 51.4 |  |  | 53.3 |  |  | 98.3 |  |  | 107.5 |
Interest credited | 36.5 |  |  | 26.9 |  |  | 72.1 |  |  | 54.0 |
Impact of annual option forfeitures related to fixed indexed annuity surrenders | (5.4) |  |  | (1.5) |  |  | (9.6) |  |  | (5.0) |
Amortization | 1.1 |  |  | 0.8 |  |  | 2.2 |  |  | 1.6 |
Other expenses | 19.9 |  |  | 14.9 |  |  | 15.9 |  |  | 12.1 |
Expenses netted in fee revenue: |  |  |  |  |  |  |
Commissions and other operating expenses | 19.7 |  |  | 32.7 |  |  | 51.9 |  |  | 80.9 |
Total segment expenses | 1,141.8 |  |  | 1,050.4 |  |  | 2,055.2 |  |  | 1,949.2 |
Pre-tax measure of profitability: |  |  |  |  |  |  |
Annuity margin | 60.6 |  |  | 54.8 |  |  | 119.1 |  |  | 109.3 |
Health margin | 147.2 |  |  | 134.0 |  |  | 279.8 |  |  | 260.2 |
Life margin | 71.2 |  |  | 63.6 |  |  | 137.0 |  |  | 131.8 |
Total insurance product margin | 279.0 |  |  | 252.4 |  |  | 535.9 |  |  | 501.3 |
Allocated expenses | (152.9) |  |  | (149.4) |  |  | (312.8) |  |  | (310.6) |
Income from insurance products | 126.1 |  |  | 103.0 |  |  | 223.1 |  |  | 190.7 |
Fee income margin | (1.2) |  |  | 0.8 |  |  | 9.4 |  |  | — |
Investment income not allocated to product lines | 49.4 |  |  | 33.8 |  |  | 91.1 |  |  | 71.8 |
Expenses not allocated to product lines | (23.3) |  |  | (25.3) |  |  | (42.7) |  |  | (45.6) |
Operating earnings before taxes | 151.0 |  |  | 112.3 |  |  | 280.9 |  |  | 216.9 |
Income tax expense on operating income | 31.5 |  |  | 24.8 |  |  | 60.1 |  |  | 48.3 |
Net operating income | $ | 119.5 |  |  | $ | 87.5 |  |  | $ | 220.8 |  |  | $ | 168.6 |
Schedule of Reconciliation of Segment Revenues and Expenses to Consolidated Revenues and Expenses and Net Income (Loss) | A reconciliation of segment revenues and expenses to consolidated revenues and expenses and net income is as follows (dollars in millions):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Total segment revenues | $ | 1,292.8 |  |  | $ | 1,162.7 |  |  | $ | 2,336.1 |  |  | $ | 2,166.1 |
Total investment losses | (14.7) |  |  | (18.4) |  |  | (37.4) |  |  | (25.2) |
Revenues related to earnings attributable to VIEs | 3.8 |  |  | 7.2 |  |  | 7.6 |  |  | 14.7 |
Fee revenue related to divested business | 3.3 |  |  | — |  |  | 8.5 |  |  | — |
Consolidated revenues | 1,285.2 |  |  | 1,151.5 |  |  | 2,314.8 |  |  | 2,155.6 |
Total segment expenses | 1,141.8 |  |  | 1,050.4 |  |  | 2,055.2 |  |  | 1,949.2 |
Changes in fair value of embedded derivative liabilities and market risk benefits | (34.6) |  |  | (25.2) |  |  | 7.8 |  |  | 44.4 |
Expenses attributable to VIEs | 4.2 |  |  | 7.1 |  |  | 8.8 |  |  | 14.5 |
Expenses related to TechMod initiative | 9.7 |  |  | 3.2 |  |  | 23.4 |  |  | 3.2 |
Expenses related to divested business | 4.4 |  |  | — |  |  | 11.5 |  |  | — |
Other expenses | — |  |  | (2.0) |  |  | — |  |  | (1.5) |
Consolidated expenses | 1,125.5 |  |  | 1,033.5 |  |  | 2,106.7 |  |  | 2,009.8 |
Income before tax | 159.7 |  |  | 118.0 |  |  | 208.1 |  |  | 145.8 |
Income tax expense | 33.8 |  |  | 26.2 |  |  | 44.5 |  |  | 32.5 |
Net income | $ | 125.9 |  |  | $ | 91.8 |  |  | $ | 163.6 |  |  | $ | 113.3 |
Schedule of Balance Sheet Information, by Segment | Segment balance sheet information is as follows (dollars in millions):
| June 30, |  | December 31,
| 2026 |  | 2025
Assets: |  |  |
Annuity | $ | 14,333.1 |  |  | $ | 13,692.5 |
Health | 9,310.9 |  |  | 9,367.1 |
Life | 4,380.9 |  |  | 4,331.3 |
Investments not allocated to product lines | 11,347.4 |  |  | 10,879.8 |
Assets of our non-life companies included in the fee income segment | 130.9 |  |  | 161.0 |
Assets of our other non-life companies | 358.0 |  |  | 358.9 |
Total assets | $ | 39,861.2 |  |  | $ | 38,790.6 |
Liabilities: |  |  |
Annuity | $ | 14,879.7 |  |  | $ | 14,445.0 |
Health | 9,479.4 |  |  | 9,573.7 |
Life | 4,476.7 |  |  | 4,448.9 |
Liabilities associated with investments not allocated to product lines (a) | 8,226.9 |  |  | 7,425.3 |
Liabilities of our non-life companies included in the fee income segment | 34.0 |  |  | 50.5 |
Liabilities of our other non-life companies | 172.9 |  |  | 209.0 |
Total liabilities | $ | 37,269.6 |  |  | $ | 36,152.4 |
________________ (a) Includes investment borrowings, policyholder account balances related to funding agreements, borrowings related to VIEs and notes payable - direct corporate obligations.

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